Restructuring of LOBO loans

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Research for Action

Dear Newport City Council,

A. How many LOBO loans (number of loans and total principal) has the council restructured, refinanced or for which the terms of the contracts have changed since 2015.

B. For such loans please provide a spreadsheet with the following information (a row for each loan and each parameter listed in a separate column):
1. Internal reference number
2. Principal of the original LOBO loan
3. Initial counter-party of the original LOBO loan
4. Drawdown date of the original LOBO loan
5. Maturity date of the original LOBO loan
6. Date when the LOBO loan was restructured/refinanced
7. Breakage cost or fee paid to the counter-party for the refinancing/restructuring
8. How was the loan restructured/refinanced? (i.e. loan was transformed into fixed rate loan by removing the option, or loan was repaid with a new bank loan, or with a PWLB loan, or other - please specify)
9. Principal of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
10. Maturity date of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
11. Interest rate of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
12. Fair value of new PWLB or bank loan used to refinance the LOBO loan (if applicable)
13. Name of any third-party advisor used for the restructuring/refinancing
14. Fee paid to the advisor for the restructuring/refinancing
15. Name of broker who arranged the restructuring/refinancing
16. Fee paid to the broker for the restructuring/refinancing

C. Please provide copies of new contracts and any other official documents related to the restructuring/refinancing

D. Please provide invoices for the broker fees for the restructuring/refinancing

Yours faithfully,

Ludovica Rogers

Newport City Council

Dear Sir/Madam

Thank you for your request for information about :

Restructuring of LOBO loans

Received on 18/03/2019

This request has been formally logged in our FOI management system and has been assigned the reference REQ06777.
You should receive a reply to your request within the statutory time limit of 20 working days.

Please remember to quote the reference number REQ06777 in any future communications.

Yours sincerely,
Information Management

NCC - CorporateAdmin Supervisor, Newport City Council

Dear Ludovica

Thank you for your recent request for information which I have enclosed
below for ease of reference. Your request has been treated in accordance
with the Freedom of Information Act 2000 and/or the Environmental
Information Regulations 2004.

I can confirm that we do hold information that falls within the scope of
your request. The answers to your questions have been provided in Red Text

We have LOBO loans but none have been re-financed, restructured or terms

I hope this provides the information you were looking for; if there is any
further information that we can provide, please submit a further request.
If you have any queries about this email or if you are unhappy with the
service you have received in relation to your request and wish to make a
complaint or request a review of our decision, please contact me.

If you are not content with the subsequent outcome of your complaint, you
may apply directly to the Information Commissioner for a decision.
Generally, the ICO cannot make a decision unless you have exhausted the
Councils complaints procedure. The Information Commissioner can be
contacted at: The Information Commissioners Office, Wycliffe House, Water
Lane, Wilmslow,  Cheshire.  SK9 5AF.

For future reference, all Freedom of Information requests can now be
submitted via the link below.



Corporate Admin Supervisor





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